MWM will provide personal protective equipment for COVID
Micron Waste to acquire Covid Technologies
2020-04-20 11:12 ET - News Release
Mr. Kal Malhi reports
MICRON WASTE ENTERS LOI TO ACQUIRE CANADIAN COVID-19 EQUIPMENT MANUFACTURER
Micron Waste Technologies Inc. has entered into a non-binding letter of intent to acquire all of the outstanding securities of Covid Technologies Inc., which includes all of the business, operating assets, equipment and business contracts of Covid. Covid is a privately held British Columbia corporation based in Vancouver, B.C., dedicated to the manufacture of personal protective equipment in response to the current COVID-19 pandemic. Micron, a technology company, is intending on utilizing its manufacturing and development capabilities at its existing innovation lab in Delta, B.C., to diversify its business by adding Covid as an additional business unit to its current operations.
The founder and key employee of Covid will join Micron as a member of senior management upon completion of the transaction.
Share consolidation
The LOI contemplates that, immediately prior to closing, Micron will conduct a share consolidation and roll back its shares on a one-for-two basis resulting in Micron having approximately 39,511,840 shares issued and outstanding. In exchange for the shares of Covid, Micron will issue 16.5 million postconsolidated common shares at a deemed price of eight cents per share and issue 16.5 million share purchase warrants exercisable for a price of 10 cents for a 60-month period.
About Covid Technologies Inc.
In this time of crisis, the Covid team is answering the call, bringing manufacturing capacity and experience to Canada to deliver needed personal protective equipment to the groups that desperately need them, both now and in the future. Covid was established with the mission to ensure Canadians are healthy and safe by providing Canadian-made, high-quality, vapour barrier technology (masks, protective garments), protecting them from biological hazards, pathogens and superbugs.
The Covid facility is capable of producing key pieces rapidly, with additional products already in planning stages as licences are acquired. Beginning with three-ply surgical masks and N95 respirators, Covid will support the immediate needs of the global medical community as the situation with COVID-19 progresses.
Kal Malhi, chairman of Micron Waste, states: "The COVID virus has turned the world upside down and getting personal protective equipment to the right people has become difficult as countries are prohibiting exports and retaining manufactured personal protective equipment for their own use. We plan to cater to the Canadian market and provide much needed equipment to first responders and the general public in Canada in an ethical manner. I believe that personal protective equipment is here to stay and the demand for it will last long after the COVID virus is under control."
Additional information
The company has also launched a new shareholder communications initiative designed to improve visibility into the company's current and planned operations. The company has retained South Florida-based Midam Ventures LLC, United Kingdom-based InvestorsHub.com LLC and Vancouver-based Stockhouse Publishing Ltd. to assist in the execution of this initiative.
Midam Ventures
The company has retained Midam for a period beginning April 16, 2020, and ending on July 31, 2020. For services provided to the company, Midam has been paid a total cash fee of $350,000 (U.S.). No additional shares, options and/or warrants were paid to Midam.
Investorhub
Investorhub has been retained by the company to provide services from April 20, 2020, to June 13, 2020. A cash fee of $50,000 (U.S.) was paid to Investorhub. No additional shares, options and/or warrants were paid to Investorhub.
Stockhouse Publishing
Stockhouse has been retained by the company since Aug. 27, 2019, and ending July 31, 2020. A cash fee of $26,000 was paid to Stockhouse. No additional shares, options and/or warrants were paid to Stockhouse.
This new shareholder communications initiative is comprehensive and will include text, image and video content disseminated by Midam, Investorhub and Stockhouse with the company retaining full editorial control. On-line traffic will be strategically driven to approved content. The program will also include updates to the company's website, and social media initiatives and strategy.
About Micron Waste Technologies Inc.
Micron is a well-financed technology company with over $3-million in working capital. Micron has a manufacturing facility based in Delta, B.C., where it is developing waste digesters and aims to begin production of critical personal protective equipment.
We seek Safe Harbor.
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